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By SC Littlechild
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Additional info for Fallacy of the Mixed Economy: An 'Austrian' Critique of Recent Economic Thinking & Policy : 2nd Edition
Example text
So, I think that would be my criticism: sometimes the mathematics leads people into not studying the most interesting problems. 2] Could we expect an inflection in this process? I would be surprised if there was ever a return to what economic papers were like – to, say, before the First World War, when economics was essentially a verbal discipline. I think analytic economics is here to stay. The answer is 38 The Current State of Macroeconomics that analytic economics works, it’s simply very useful.
Therefore, one is attracted to the US because other good people are in the US. [3] What do you think are the main reasons for all these people going to the US universities from other countries? Perhaps there’s a combination of reasons. You can ask the question why Europeans, from Western European countries, like Germany or France, go to the US to study, and why they don’t stay in Germany or France. And, to a certain extent, probably the answer for these people is not that Western Europe is in a mess.
In the future, I want to see more work in this line, particularly from new Keynesians. [9] What still remains of Keynes’s ideas? I guess the first thing to ask is what are Keynes’s ideas [laughter]. It depends on what book you read: the ideas may be very different in the Treatise on Money (Keynes, 1930), the General Theory (Keynes, 1936), and so forth. But in terms of your question, what’s left, the key idea is in the General Theory, namely that economies might get stuck at an inefficient low level of activity.